The price of Ripple’s XRP token continues to set new all-time highs. Since peaking at around $0.55 in early October, the coin has been steadily depreciating, and the latest spike in the price to over $0.58 today is a good indication that it’s starting to lose momentum. Ripple has been in a downtrend for a while now, and it’s expected to stay there for at least the next week or so as the currency weakens.
The XRP market has been in a bearish trend since the beginning of the year. XRP’s price has been refusing to go above the $0.50 zone and has been stagnating for months. However, the tide appears to be turning, as the XRP price is starting to break through the key resistance levels around $0.58, which acts as a support.
Like bitcoin, ripple (XRP) also runs through the blockchain network. Last week, it was reported that litecoin creator Charlie Lee sold his stake in Ripple, and his reasons for doing so seems to have made ripple perform better. The company’s price increased by around 7% on the day of the news, after which the price kept on going up by approximately 3% daily.
- Yesterday, the price of XRP increased.
- Around $0.58, resistance was discovered.
- Next, the market is expected to aim for $0.50.
Ripple price research suggests that negative momentum will continue in the next days, as a new lower high was established overnight. As a result, we anticipate XRP/USD to fall for the remainder of the week, aiming for the $0.50 support level.
Heat map of cryptocurrencies. Coin360 is the source of this information.
Over the past 24 hours, the market has been trading with a positive momentum. Ethereum is up approximately 3.14 percent, while Bitcoin is up $0.73 percent. With a gain of 16.8%, Stellar (XLM) is one of the top performers.
The price of Ripple has risen to $0.58 in the past 24 hours.
Over the past 24 hours, XRP/USD has moved in a range of $0.5598 to $0.5886, showing a high level of volatility. The entire market value of the cryptocurrency is approximately 26.93 billion, putting it in sixth position worldwide. Trading volume has risen by 28.9% to $2.75 billion.
XRP/USD 4-hour chart: Is it time to go lower?
On the 4-hour chart, we can see the Ripple price making a new lower high, indicating that the market is preparing for further losses later this week.
4-hour chart of XRP/USD. TradingView is the source of this information.
After a new swing high was reached around the $0.74 level at the end of July, ripple price movement has been trading with a strong negative momentum in recent weeks. Since then, the price of XRP/USD has dropped by approximately 30%, reaching $0.52 on Tuesday.
XRP began to rise yesterday after some stabilization around the $0.52 level, rapidly reaching the prior support region around $0.58. Any additional gains were rejected as soon as the price of Ripple surpassed $0.58, with nighttime consolidation remaining sideways.
This indicates that XRP/USD is expected to fall once again, with the market pivoting in the following 24 hours. The next goal is approximately $0.50, which, if broken, would likely lead to a lot more loss in the coming weeks for XRP/USD.
Conclusion of the Ripple Price Analysis
As a new lower high was set overnight, ripple price analysis suggests that negative momentum will continue later this week. As a result, XRP/USD is expected to drop below $0.50 in the next weeks, continuing the negative trend that has been in place for many weeks.
While you wait for Ripple to fall more, check out our tutorials on Bitcoin costs, DeFi benefits, and what you can do with Bitcoin.
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